GBL 295 Study Guide - Midterm Guide: Leasehold Estate, Concurrent Estate, C Corporation
Document Summary
It is viewed as perpetual and they can do anything that they wish with the property. Conditional estate: absolute ownership of property but there are limitations from the previous estate owner. If a condition is breached, the property goes back to the grantor. Life estate: use of property over the course of ones lifetime. Estate is granted to someone measured in terms of lifetime. Leasehold estate easement: posses property for a certain amount of time determined by the lease. Possession: the ability to use property and exclude others from that property. Give property owners knowledge of where property ends and begins. Title: ownership of property, just a fancy way of saying. Deed: transfers one"s interest and real property to another person. You cannot transfer real estate without something in writing, which is almost always a deed. Land contract: selling price is agreed upon between both buyer and seller and payments are made overtime to the seller.
